XRP For Content Creators at YouTube and Twitch, Thanks to Coil

XRP for content creators at YouTube and Twitch, thanks to Coil

The platform was created by the former CTO at Ripple

Content creators from YouTube and Twitch now have another way to monetize their contents thanks to an initiative by Stefan Thomas, former CTO of Ripple. Named Coil, the company’s services are now integrated to the two popular video streaming platforms, which means that such content creators will began to receive funds in XRP (Ripple’s native token) for as long as users are viewing their pages.

The platform works on the InterLedger Protocol (ILP) – also co-created by Thomas – and uses STREAM (which stands for Streaming Transport for the Realtime Exchange of Assets and Messages) to process any kind of fund transaction thanks to a constant “stream” of micropayments. In comparison, it works similarly to the traditional, well-established TCP of Internet.

As of now, a web-monetized site with Coil will see users paying a flat fee of $5 a month to access the content, regardless of how much time they actually stay on the platform, as well as to stream XRP right to the contributor. In return, Coil will donate money to the creator.

“Content providers don’t need any agreement with Coil. If they provide value in exchange for funds, coil (and others) will pay them to get that value. If not, not. Universal and painless for creators,” said David Schwartz, Ripple’s current CTO.

The service is in its beta phase, but those who were selected as beta users can roll it out on their respective websites.

Not only for media

When looking at this announcement, one cannot help but to think in the different use-cases for this new crypto service, then remember how Ripple has been dealing with its vision of a futuristic Internet, an “Internet of Value”. For example, one could take the ILP and adapt it in a way we can apply the same concept of Coil, but for services such as streaming music, or just paying exactly for what you’ve consumed.

In turn, this helps promote mass adoption of XRP as a standard payment method – an objective it is becoming a reality thanks to its developments in the cross-border payment ambit.

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